Flowserve Corp. (NYSE: FLS), Dallas, TX, a manufacturer of fluid motion and control products, reported sales for the first quarter 2010 were $958.9 million, a decrease of 6.4 percent from the prior year period. Excluding currency benefits, sales were down 11 percent. Profit declined 13.1 percent to $80.2 million.
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\”Our bookings performance reflects continued investment activity in infrastructure and critical applications, assisted somewhat by the activation of large projects postponed from previous periods, leading to an increase in engineered bookings,\” said Mark Blinn, president and CEO. \”Despite this investment activity, we continue to expect volatility in large project order timing, as customers generally remain cautious and the pace of global economic recovery remains uncertain.\”
Effective Jan. 1, 2010, Flowserve reorganized its divisional operations into three reportable divisions: FSG Engineered Product Division (EPD), FSG Industrial Product Division (IPD), and Flow Control Division (FCD).
EPD bookings for the first quarter 2010 were $592.4 million, up 23.4 percent, or 18.2 percent excluding currency benefits of approximately $25 million. EPD sales for the first quarter of 2010 were $531.8 million, a decrease of 1.4 percent. Excluding currency benefits, segment sales were down 6.0 percent. EPD gross profit declined 2.3 percent to $196.7 million.
IPD bookings for the first quarter 2010 were $194.4 million, down 9.7 percent, or 14.4 percent excluding currency benefits. IPD sales for the first quarter of 2010 were $196.1 million, a decrease of 8.5 percent. Excluding currency benefits, sales declined 13.6 percent. IPD gross profit declined to $55.0 million, down 6.8 percent.
FCD bookings for the first quarter of 2010 were $318.9 million, an increase of 5.3 percent, or 0.7 percent excluding currency benefits of approximately $14 million. FCD sales for the first quarter of 2010 were $256.1 million, down 13.8 percent, or 17.5 percent excluding currency benefits of approximately $11 million. FCD gross profit decreased to $95.7 million, down 10.7 percent.
